Sangrix Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsBit Origin Ltd is a Cayman Islands-incorporated, Nasdaq-listed company (BTOG) with historic cryptocurrency mining operations that generated only $39,495 in revenue in fiscal 2025 and held 58,211,111 Class A ordinary shares outstanding as of June 30, 2025.
What they do
Bit Origin Ltd operates primarily through subsidiaries Bit Origin Pte. Ltd. in Singapore and the Sonic Auspice, SonicHash Canada and SonicHash US entities, which are associated with digital asset mining infrastructure. The filings describe a corporate structure historically involved in cryptocurrency mining rather than the finance services categorization shown in the source data. No segment revenue breakdown is disclosed in the excerpts provided.
Revenue drivers
- Cryptocurrency mining operations — The SonicHash and Sonic Auspice subsidiaries indicate bitcoin mining is the principal revenue line, but no segment-level revenue is disclosed in the excerpts and total company revenue was only $39,495 in fiscal 2025.
- Singapore operations — Bit Origin Pte. Ltd. is the Singapore subsidiary of the Cayman parent; its separate contribution to revenue is not broken out in the provided filing text.
- Other legacy business — The company was formerly known as China Xiangtai Food Co., Ltd., indicating a prior food-related business, though no current revenue from that line is disclosed in the excerpts.
Recent performance
Annual revenue collapsed from $80.5M in 2021 to $6.3M in 2022 and 2023, $2.9M in 2024 and just $39,495 in 2025. Net losses have persisted since 2023: $28.2M in 2023, $17.5M in 2024 and $4.4M in 2025, though the loss narrowed year over year. Diluted EPS improved from -$8.61 in 2022 to -$0.28 in 2025, with no 2023 figure provided. Operating cash flow remained negative every year from 2021 through 2025, at -$10.4M, -$14.2M, -$6.8M, -$7.9M and -$2.3M respectively.
Strategy
The filing excerpts provide no explicit strategic plan, investment program or management priority. The corporate structure consists of the Cayman parent and subsidiaries in Singapore, Canada and the United States, all associated with digital asset mining activity based on their names. No capital allocation or expansion plans are described in the source material. The company remained a reporting issuer on Nasdaq as of the filing date.
Risks
- Revenue collapse — Annual revenue fell from $80.5M in 2021 to $39,495 in 2025, leaving essentially no operating base.
- Recurring losses and negative operating cash flow — The company has reported net losses and negative operating cash flow every year from 2021 through 2025.
- Negative shareholders' equity — Total liabilities of $14.7M exceeded total assets of $12.9M at December 31, 2025, leaving shareholders' equity of -$1.1M.
- Low cash balance — Cash and equivalents stood at $484,970 at December 31, 2025 against $14.7M of total liabilities.
Outlook
The source filing excerpts do not include management guidance or forward outlook statements. No revenue, margin or cash flow targets are provided for fiscal 2026. The 20-F does contain forward-looking statement language but no specific outlook content is included in the provided text.